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On September 10th, 2018 City County Council unanimously approved the issuance of a maximum of $120 million in revenue bonds over the next three years. $40 million will be issued in 2019 for road, bridge, and sidewalk repairs. These bonds are secured by County Option Vehicle Taxes (wheel tax and excise surtax) and Gas Taxes (MVH and local roads and streets) revenues. No new taxes will be levied to secure these revenue bonds. On September 10th, 2018, Special Ordinance 14 (Proposal 18-326) received unanimous council approval and authorized the issuance of $120 million in revenue bonds. On September 9th, 2019 Fiscal Ordinance No. 18, 2019 (Proposal No. 315, 2019) was unanimously passed by the City County Council and endorsed the 2020-2023 Transportation Capital Plan. The bonds will fund projects such as curbs, sidewalks, ADA ramps, bridge rehab and replacement, and street rehab and replacement. The useful life of these projects are 30-50 years with the bond issuances having a 20-year max bond maturity.
The Series 2020 Bonds are the third tranche of the original $120 million authorized in 2018. The $50 million in new money bonds are being issued by the Metropolitan Throughfare District. Additionally, the 2020 Bonds will refund the callable portions of the Series 2015A, Series 2015E, Series 2018B and Series 2019E Bonds to achieve $4.5 million in Present Value Savings. $134,855,000 was issued to refund the outstanding roads debt. The Bonds will be payable by a pledge of special benefits tax, but are expected to be paid for by the available Transportation Revenues (MVH, Wheel Tax and Gas Tax).